Festive present bills set to soar this year

The government must make forcing companies to lower shipping costs for UK businesses a “top priority”, the director of a Londonbased toy company has urged.

Bosses of British toy businesses have spoken of how “insane” price hikes in shipping tariffs around the world are “killing” their trade, and pushing the price of products and gifts higher.

Children’s toys are among items likely to be more expensive this Christmas.

Many in the industry have warned that the situation looks set to worsen into next year if Boris Johnson and his Cabinet do not intervene to put pressure on shipping companies to lower their prices.

The world’s largest shipping companies, such as Maersk and Cosco, have been accused of being responsible for the tenfold price increases seen this year.

Joel Bercowitz, owner of the London Toy Company, said: “We’re now eight or nine months into these price hikes. If we get to this point next year there’ll simply be no money to be made.

“We can’t bring in goods and not make any money.

“We’ve got our own bills to pay, staff to pay, and we can’t operate like this for much longer.”

Mr Bercowitz said that pre-pandemic, his company was paying $1,800 for a container but currently is paying anything up to $19,000.

The founder of Wow Toys, Nadim EdnanLaperouse, said he is paying as much as $20,000 for a container and said that his shipping costs in total have increased eight-fold.

He said: “I think everyone is aware that things can’t go on like this, it’s insane, and something has to give.”